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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

(Mark One)

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2022.

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report             

For the transition period from                to              

Commission file number: 001-40541

DiDi Global Inc.

(Exact name of Registrant as specified in its charter)

N/A

(Translation of Registrant’s name into English)

Cayman Islands

(Jurisdiction of incorporation or organization)

DiDi Xinchenghai

Building 1, Yard 6, North Ring Road, Tangjialing

Haidian District, Beijing

People’s Republic of China

(Address of principal executive offices)

Alan Yue Zhuo, Chief Financial Officer

Telephone: +86 10-8304-3181

Email: ir@didiglobal.com

DiDi Xinchenghai

Building 1, Yard 6, North Ring Road, Tangjialing

Haidian District, Beijing

People’s Republic of China

(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

None

Securities registered or to be registered pursuant to Section 12(g) of the Act:

Class A ordinary shares, par value US$0.00002 per share

American depositary shares (four American depositary shares representing one Class A ordinary share)

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

As of December 31, 2022, there were 1,214,505,793  ordinary shares outstanding, par value US$0.00002 per share, comprising 1,097,169,957 Class A ordinary shares  (excluding 12,263,957 Class A Ordinary Shares repurchased by us and not yet cancelled or issued to our depositary bank for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of awards granted under our Share Incentive Plans) and 117,335,836 Class B ordinary shares.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

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If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes No

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Emerging growth company

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. Yes No

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes No

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.    

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).    

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP

International Financial Reporting Standards as issued by the International Accounting Standards Board

Other

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No

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TABLE OF CONTENTS

    

Page

INTRODUCTION

1

FORWARD-LOOKING INFORMATION

6

PART I

7

Item 1.

Identity of Directors, Senior Management and Advisers

7

Item 2.

Offer Statistics and Expected Timetable

7

Item 3.

Key Information

7

Item 4.

Information on the Company

69

Item 4A.

Unresolved Staff Comments

111

Item 5.

Operating and Financial Review and Prospects

111

Item 6.

Directors, Senior Management and Employees

133

Item 7.

Major Shareholders and Related Party Transactions

146

Item 8.

Financial Information

149

Item 9.

The Offer and Listing

151

Item 10.

Additional Information

152

Item 11.

Quantitative and Qualitative Disclosures about Market Risk

166

Item 12.

Description of Securities Other than Equity Securities

168

PART II

170

Item 13.

Defaults, Dividend Arrearages and Delinquencies

170

Item 14.

Material Modifications to the Rights of Security Holders and Use of Proceeds

170

Item 15.

Controls and Procedures

170

Item 16A.

Audit Committee Financial Expert

171

Item 16B.

Code of Ethics

171

Item 16C.

Principal Accountant Fees and Services

171

Item 16D.

Exemptions from the Listing Standards for Audit Committees

171

Item 16E.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

171

Item 16F.

Change in Registrant’s Certifying Accountant

172

Item 16G.

Corporate Governance

172

Item 16H.

Mine Safety Disclosure

172

Item 16I.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

172

Item 16J.

Insider trading policies

172

PART III

173

Item 17.

Financial Statements

173

Item 18.

Financial Statements

173

Item 19.

Exhibits

173

SIGNATURES

175

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INTRODUCTION

Except where the context otherwise requires and for purposes of this annual report only:

“ADSs” refers to our American depositary shares, four of which represent one Class A ordinary share.
“China” or the “PRC” refers to the People’s Republic of China.
“Class A ordinary shares” refers to our Class A ordinary shares of par value US$0.00002 per share.
“Class B ordinary shares” refers to our Class B ordinary shares of par value US$0.00002 per share.
“Driver earnings” refers to the net portion of the transaction value that a driver retains.
“Driver incentives” refers to payments that we make to drivers, which are separate from and in addition to the driver earnings.
“GTV,” which stands for gross transaction value, refers to the total dollar value, including any applicable taxes, tolls and fees, of completed Transactions without any adjustment for consumer incentives or for earnings and incentives paid to drivers for mobility services, merchant or delivery partners for food delivery services, or service partners for other initiatives.
“Platform Sales” refers to GTV less all of the earnings and incentives paid to drivers and partners, tolls, fees, taxes and others.
“RMB” and “Renminbi” refers to the legal currency of China.
“Shares” or “ordinary shares” refers to our Class A and Class B ordinary shares, par value US$0.00002 per share.
“Transactions” refers to the number of completed rides for our China Mobility segment, completed rides or food deliveries for our International segment, and completed bike and e-bike sharing, energy and vehicle services, intra-city freight and financial services transactions for our Other Initiatives segment. Transactions are counted by the number of orders completed, so a carpooling ride with two paying consumers represents two transactions, even if both consumers start and end their ride at the same place, whereas two passengers on the same ride transaction order count as one transaction.
“VIEs” refers to variable interest entities, and “the VIEs” or “the variable interest entities” refers to the variable interest entities whose financial results have been consolidated into our consolidated financial statements based solely on contractual arrangements in accordance with U.S. GAAP, including the principal variable interest entity, namely Beijing Xiaoju Science and Technology Co., Ltd. All of the VIEs are domestic PRC companies in which we do not have any equity ownership but whose financial results have been consolidated into our consolidated financial statements based solely on contractual arrangements in accordance with U.S. GAAP.
“We,” “us,” “our company” and “our” refers to DiDi Global Inc., our Cayman Islands holding company and its subsidiaries, and, in the context of describing our operations and consolidated financial information, the VIEs and their subsidiaries.

Our reporting currency is the Renminbi. This annual report also contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations of Renminbi into U.S. dollars were made at RMB6.8972 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 30, 2022. We make no representation that the Renminbi or U.S. dollars amounts referred to in this annual report could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. On April 21, 2023, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board was RMB6.8920 to US$1.00.

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Due to rounding, numbers presented throughout this annual report may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Summary of Risk Factors

Below is a summary of material risks we face, organized under headings. All the operational risks associated with being based in and having operations in mainland China as discussed in risk factors under “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business and Industry” also apply to operations in the Hong Kong Special Administrative Region. With respect to the legal risks associated with being based in and having operations in mainland China as discussed in risk factors under “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure” and “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China,” the laws, regulations and discretion of mainland China governmental authorities discussed in this annual report are expected to apply to mainland China entities and businesses, rather than entities or businesses in the Hong Kong Special Administrative Region, which operate under a different set of laws from mainland China.

Risks Relating to Our Business

If we are unable to attract or retain consumers, our platform will become less appealing to drivers and businesses, and our business and financial results may be materially and adversely impacted.
If we are unable to attract or retain drivers, our platform will become less appealing to consumers, and our business and financial results may be materially and adversely impacted.
We are subject to laws, regulations and regulatory policies that are being continuously amended and improved, and the interpretation and implementation of newly established policies may remain uncertain, which could have an adverse impact on our business and future prospects.
If we or drivers or vehicles on our platform fail to obtain and maintain the licenses, permits or approvals required by the jurisdictions where we operate, our business, financial condition and results of operations may be materially and adversely impacted.
New cybersecurity and data security measures and regulations could impose further compliance requirements on our business, cause us to incur new expenses for compliance, or expose us to new legal risks in the event we fail to comply with these regulatory requirements.
If we fail to ensure the safety of consumers and drivers, our business, results of operations and financial condition could be materially and adversely affected.
Maintaining and enhancing our brand and reputation is critical to our business prospects. We have been subject to negative publicity at various times, and failure to maintain our brand and reputation will cause our business to suffer.
We have incurred significant losses since inception, and we may not achieve or maintain profitability.
Our limited operating history and our evolving business make it difficult to evaluate our future prospects and the risks and challenges we may encounter.
Adverse litigation judgments or settlements resulting from legal proceedings or investigations in which we may be involved could expose us to monetary damages or limit our ability to operate our business.

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Risks Relating to Our Corporate Structure

We are a Cayman Islands holding company with no equity ownership in our consolidated affiliated entities and we conduct our operations in China primarily through (i) our subsidiaries in China, (ii) our consolidated affiliated entities with which we have contractual arrangements, and (iii) the subsidiaries of our consolidated affiliated entities. Investors thus are not purchasing direct equity interests in our operating entities in China but instead are purchasing equity interests in a Cayman Islands holding company. If the PRC government finds that the agreements that establish the structure for operating our business do not comply with PRC laws and regulations, or if these regulations or their interpretations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations. Our holding company, our PRC subsidiaries, our consolidated affiliated entities and their subsidiaries, and investors of our company face uncertainty about potential future actions by the PRC government that could affect the enforceability of our contractual arrangements with our consolidated affiliated entities and, consequently, significantly affect the financial performance of our consolidated affiliated entities and our company as a whole. For a detailed description of the risks associated with our corporate structure, please refer to the risks disclosed under “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure.”
If the PRC government finds that the agreements that establish the structure for operating some of our operations in China do not comply with PRC regulations governing the relevant industries, or if these regulations or the interpretation of existing regulations change in the future, we could be subject to severe penalties or need to relinquish our interests in those operations. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure—If the PRC government finds that the agreements that establish the structure for operating some of our operations in China do not comply with PRC regulations governing the relevant industries, or if these regulations or the interpretation of existing regulations change in the future, we could be subject to severe penalties or need to relinquish our interests in those operations” on page 40.
The DiDi Partnership and its related arrangements will impact your ability to appoint executive directors and nominate certain executive officers of the company. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure—The DiDi Partnership and its related arrangements will impact your ability to appoint executive directors and nominate certain executive officers of the company” on page 41.
The interests of the DiDi Partnership may conflict with your interests on certain matters and you may be disadvantaged. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure—The interests of the DiDi Partnership may conflict with your interests on certain matters and you may be disadvantaged” on page 41.
The contractual arrangements with the VIEs and their shareholders may not be as effective as direct ownership in providing operational control. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure—The contractual arrangements with the VIEs and their shareholders may not be as effective as direct ownership in providing operational control” on page 42.
Any failure by the VIEs or their shareholders to perform their obligations under our contractual arrangements with them would have a material and adverse effect on our business. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure—Any failure by the VIEs or their shareholders to perform their obligations under our contractual arrangements with them would have a material and adverse effect on our business” on page 42.
The shareholders of the VIEs may have actual or potential conflicts of interest with us, which may adversely affect our business and financial condition. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure—The shareholders of the VIEs may have actual or potential conflicts of interest with us, which may adversely affect our business and financial condition” on page 43.

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Risks Relating to Doing Business in China

Changes and developments in China’s economy, social conditions or government policies could have a material adverse effect on our business, financial conditions and results of operations. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—Changes and developments in China’s economy, social conditions or government policies could have a material adverse effect on our business, financial conditions and results of operations” on page 45.
Claims and/or regulatory actions against us related to anti-monopoly and/or other aspects of our business may result in our being subject to fines, constraints on or modification of our business practice, damage to our reputation, and material adverse impact on our financial condition, results of operations and prospects. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—Claims and/or regulatory actions against us related to anti-monopoly and/or other aspects of our business may result in our being subject to fines, constraints on or modification of our business practice, damage to our reputation, and material adverse impact on our financial condition, results of operations and prospects” on page 45.
Uncertainties associated with change in or development of PRC legal system could adversely affect us. The PRC governmental authorities may continue to promulgate new rules and regulations or amend existing rules and regulations that could affect our business operations. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—Uncertainties associated with change in or development of PRC legal system could adversely affect us” on page 47.
The PCAOB had historically been unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections of our auditor in the past has deprived our investors with the benefits of such inspections. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—The PCAOB had historically been unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections of our auditor in the past has deprived our investors with the benefits of such inspections” on page 48
Our ADSs may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate completely auditors located in China. A prohibition on trading, or the threat of a prohibition on trading, may materially and adversely affect the value of your investment. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—Our ADSs may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate completely auditors located in China. A prohibition on trading, or the threat of a prohibition on trading, may materially and adversely affect the value of your investment” on page 48.
The PRC government has jurisdiction over our business operations and may exercise discretion pursuant to PRC laws and regulations. The PRC government may intervene or influence our operations by taking regulatory actions if we fail to comply with applicable PRC laws, regulations or regulatory requirements, and our operations may be materially affected by such regulatory actions, and if such regulatory actions are taken to exert oversight over offerings conducted overseas and/or foreign investment in China-based issuers, our operations and the value of our securities may be materially affected. In the event that we fail to comply with any PRC legal and regulatory requirement in relation to overseas securities issuance or foreign investment, our ability to offer or continue to offer securities to investors could be significantly limited or completely hindered and the value of such securities could significantly decline or be worthless. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—We may be required to obtain approval or subject to filing or other requirements from the CSRC or other PRC governmental authorities for any future listing or other financing activities” on page 54 and “—The PRC government has jurisdiction over our business operations and may exercise discretion pursuant to PRC laws and regulations. If we fail to comply with applicable PRC laws, regulations or regulatory requirements, our operations and the value of our securities may be materially affected” on page 47.

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We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business. To the extent cash or assets in our business are held in the PRC or by a PRC entity, the funds or assets may not be available to fund operations or for other use outside of the PRC due to the imposition of restrictions and limitations by the PRC government. Although currently there are no equivalent or similar limitations in Hong Kong on cash transfers to or from our Hong Kong entities (including currency conversion), if certain limitations in the PRC were to become applicable to cash transfers to or from Hong Kong entities (including currency conversion) in the future, the funds in our Hong Kong entities, likewise, may not be available to meet our currency demand. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business” on page 49.
You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us or our management named in this annual report based on foreign laws. All of our directors and senior executive officers reside within China for at least a significant portion of the time, and it will be more difficult to enforce liabilities and enforce judgments on those individuals. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us or our management named in this annual report based on foreign laws” on page 59.

Risks Relating to Our ADSs

The delisting of our ADSs from NYSE may continue to have a material adverse effect on the trading and price of our ADSs, and we cannot assure you that our ADSs will be relisted on any other internationally recognized stock exchange, or that if they are ever relisted, they will remain listed.
The trading price of our ADSs is likely to be volatile, which could result in substantial losses to investors.

Please see “Item 3. Key Information—D. Risk Factors” and other information included elsewhere in this annual report for a discussion of these and other risks and uncertainties that we face.

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FORWARD-LOOKING INFORMATION

This annual report contains forward-looking statements that involve risks and uncertainties. All statements other than statements of current or historical facts are forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

You can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are not limited to, statements about:

our goals and strategies;
our future business development, financial condition and results of operations;
expected changes in our revenues, expenses or expenditures;
the expected growth of the shared mobility market in China and globally;
our expectations regarding demand for and market acceptance of our services;
our expectations regarding our relationship with drivers and consumers on our platform;
competition in our industry;
general economic and business conditions in China and elsewhere;
government policies and regulations relating to our industry; and
the outcome of any current and future legal or administrative proceedings.

You should read this annual report and the documents that we refer to in this annual report with the understanding that our actual future results may be materially different from and worse than what we expect. Other sections of this annual report include additional factors which could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

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PART I

Item 1.

Identity of Directors, Senior Management and Advisers

Not applicable.

Item 2.

Offer Statistics and Expected Timetable

Not applicable.

Item 3.

Key Information

Our Holding Company Structure and Contractual Arrangements with the VIEs

DiDi Global Inc. is not an operating company in China but a Cayman Islands holding company with no equity ownership in its VIEs. We conduct our operations in China through (i) our PRC subsidiaries, (ii) the VIEs, with which we have contractual arrangements, and (iii) the subsidiaries of the VIEs. This holding company structure involves unique risks to investors. See “Item 3. Key Information—D. Risk Factors—Risks Relating to our Corporate Structure” for more details. PRC laws and regulations impose restrictions on foreign ownership and investment in certain internet-based businesses. Accordingly, we operate these businesses in China through the VIEs and their subsidiaries, and rely on contractual arrangements between our PRC subsidiary, the VIEs and their respective shareholders to direct activities of the VIEs and their subsidiaries that most significantly impact their economic performance and receive economic benefits from them that could potentially be significant to them. Revenues contributed by the VIEs and their subsidiaries accounted for 96.5%, 95.8% and 92.9% of our total revenues for 2020, 2021 and 2022, respectively. As used in this annual report, “we,” “us,” “our company” and “our” refer to DiDi Global Inc., its subsidiaries, and, in the context of describing our operations and consolidated financial information, the VIEs in China and their subsidiaries, including but not limited to Beijing Xiaoju Science and Technology Co., Ltd., or Xiaoju Technology, a limited liability company incorporated under the laws of the PRC, which operates our mobility services in China. Xiaoju Technology and its affiliates hold VATS Licenses in various subcategories, including the VATS Licenses for internet content provider (ICP) services, internet data center services, online data and transaction processing services, domestic multi-party communications services and domestic call center services, as well as online ride hailing operation permits for certain cities. See “—Permissions Required from the PRC Authorities for Our Securities Offerings and Operations” for more detail on the licenses they hold. Investors in our ADSs are not purchasing equity interests in the VIEs in China but instead are purchasing equity interests in a holding company incorporated in the Cayman Islands. All of the VIEs are domestic PRC companies in which we do not have any equity ownership but whose financial results have been consolidated into our consolidated financial statements based solely on contractual arrangements in accordance with U.S. GAAP.

A series of contractual agreements, including powers of attorney, exclusive option agreements, exclusive business cooperation agreements, equity pledge agreements and spousal consent letters, have been entered into by and between our PRC subsidiaries, the VIEs and their respective shareholders. As a result of the contractual arrangements, we (i) have the power to direct activities of the VIEs that most significantly impact their economic performance and (ii) have the right to receive economic benefits from the VIEs that could potentially be significant to them. Accordingly, certain of DiDi Global Inc.’s PRC subsidiaries, including Beijing DiDi Infinity Technology and Development Co., Ltd, or Beijing DiDi, are considered the primary beneficiaries of the VIEs and their subsidiaries for accounting purposes, and DiDi Global Inc. has consolidated the financial results of these companies in its consolidated financial statements under U.S. GAAP. Neither DiDi Global Inc. nor any subsidiaries or investors of DiDi Global Inc. have an equity ownership (including foreign direct investment) in the VIEs, or control of the VIEs, through any form of equity ownership, and the contractual arrangements are not equivalent to an equity ownership in the business of the VIEs. For more details of these contractual arrangements, see “Item 4. Information on the Company—C. Organizational Structure—Contractual Arrangements with the Variable Interest Entities.”

However, these contractual arrangements may not be as effective as direct ownership in providing us with control over the VIEs and we may incur substantial costs to enforce the terms of the arrangements. In addition, these agreements have not been tested in China courts. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure—The contractual arrangements with the VIEs and their shareholders may not be as effective as direct ownership in providing operational control” and “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure—The shareholders of the VIEs may have actual or potential conflicts of interest with us, which may adversely affect our business and financial condition.”

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There are also substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules regarding the rights of our Cayman Islands holding company with respect to its contractual arrangements with the VIEs and their shareholders. It is uncertain whether any new PRC laws or regulations relating to the contractual arrangements of the VIEs will be adopted or, if adopted, what they would provide. If we or the VIEs are found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure—If the PRC government finds that the agreements that establish the structure for operating some of our operations in China do not comply with PRC regulations governing the relevant industries, or if these regulations or the interpretation of existing regulations change in the future, we could be subject to severe penalties or need to relinquish our interests in those operations.”

Our corporate structure is subject to risks associated with our contractual arrangements with the VIEs. If the PRC government deems that our contractual arrangements with the VIEs do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change or are interpreted differently in the future, we could be subject to severe penalties or need to relinquish our interests in those operations. This in turn would likely result in a material change in our operations and our securities may decline significantly in value or become worthless. Our holding company, our PRC subsidiaries, the VIEs and their subsidiaries, and investors of our company face uncertainty about potential future actions by the PRC government that could affect the enforceability of the contractual arrangements with the VIEs and, consequently, significantly affect the financial performance of the VIEs and our company as a whole. For a detailed description of the risks associated with our corporate structure, please refer to risks disclosed under “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure.”

We face various risks and uncertainties related to doing business in China. Our business operations are primarily conducted through the VIEs and their subsidiaries in China, and we are subject to complex and evolving PRC laws and regulations. For example, we face risks associated with regulatory approvals, filings or other requirements on offshore offerings, anti-monopoly regulatory actions, and oversight on cybersecurity and data privacy, which may impact our ability to conduct certain businesses or accept foreign investments. These risks could result in a material adverse change in our operations and the value of our securities, and in the event that we fail to comply with any PRC legal and regulatory requirement in relation to overseas securities issuance or foreign investment, our ability to continue to offer securities to investors could be significantly limited or completely hindered and the value of such securities could significantly decline or become worthless. For a detailed description of risks relating to doing business in China, please refer to risks disclosed under “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China.”

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The following diagram illustrates our corporate structure as of the date of this annual report, including our principal subsidiaries, the principal variable interest entity, and other entities:

Graphic

(1)

Mr. Will Wei Cheng, Mr. Gang Wang, Mr. Bob Bo Zhang, Mr. Rui Wu and Mr. Ting Chen each hold 49.19%, 48.23%, 1.55%, 0.72% and 0.31% of the equity interests in Xiaoju Technology, respectively. Mr. Cheng is our founder, the chairman of our board of directors and our chief executive officer, Mr. Gang Wang is a shareholder of our company, Mr. Bob Bo Zhang is our chief technology officer, Mr. Rui Wu is our vice president of risk control and compliance, and Mr. Ting Chen is the general manager of an affiliate of our company.

Permissions Required from the PRC Authorities for Our Securities Offerings and Operations

Our operations in China are governed by PRC laws and regulations. As of the date of this annual report, after consulting our PRC legal counsel, Fangda Partners, we believe our PRC subsidiaries and the VIEs and their subsidiaries have obtained all requisite licenses and permits from the PRC government authorities that are material for our business operations in China. These include online ride hailing operation permits we have obtained for certain cities and various kinds of value-added telecommunications services licenses, also known as VATS Licenses, which include VATS Licenses for internet content provider (ICP) services, internet data center services, online data and transaction processing services, domestic multi-party communications services and domestic call center services. As of the date of this annual report, our PRC subsidiaries, the VIEs and their subsidiaries have not been denied such licenses and permits and have not received any requirement from Chinese authorities to obtain permissions and approvals from the China Securities Regulatory Commission, or the CSRC, for our daily business operations in China.

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Table of Contents

Given the uncertainties of interpretation and implementation of laws and regulations and the enforcement practice of government authorities, we may be required to obtain additional licenses, permits, filings or approvals for the functions and services of our platform in the future. If we, our PRC subsidiaries or the VIEs or their subsidiaries do not receive or maintain any necessary permissions or approvals from PRC authorities to operate their business or offer securities, or inadvertently conclude that such permissions or approvals are not required, or if applicable laws, regulations, or interpretations change in the future and we, our PRC subsidiaries or the VIEs or their subsidiaries are therefore required to obtain such permissions or approvals in the future, we cannot assure you that the necessary permissions or approvals will be obtained or renewed in a timely manner. Any such circumstance could subject us to penalties, including fines, suspension of business and revocation of the required licenses. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business and Industry—If we or drivers or vehicles on our platform fail to obtain and maintain the licenses, permits or approvals required by the jurisdictions where we operate, our business, financial condition and results of operations may be materially and adversely impacted”, “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business and Industry—Our business is subject to extensive government regulation and oversight relating to the provision of payment and financial services” and “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—Uncertainties associated with change in or development of PRC legal system could adversely affect us.”

Furthermore, the PRC authorities have recently promulgated new or proposed laws and regulations to further regulate securities offerings that are conducted overseas and/or foreign investment in China-based issuers. For more detailed information, see “Item 4. Information on the Company—B. Business Overview—Regulation—PRC Regulations — Regulations on M&A Rules and Overseas Listings” and “Item 4. Information on the Company—B. Business Overview—Regulation—PRC Regulations— Regulations Relating to Cybersecurity and Information Security”. According to these new laws and regulations and the draft laws and regulations if enacted in their current forms, in connection with our future offshore offering activities, we may be required to fulfill filing and reporting procedures with the CSRC, and may be required to go through cybersecurity review by the PRC authorities. However, there are uncertainties with respect to whether we will be able to fully comply with requirements to obtain any permissions and approvals from, or complete any reporting or filing procedures with, PRC authorities that may be in effect in the future. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business and Industry—New cybersecurity and data security measures and regulations could impose further compliance requirements on our business, cause us to incur new expenses for compliance, or expose us to new legal risks in the event we fail to comply with these regulatory requirements.” and “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—We may be required to obtain approval or subject to filing or other requirements from the CSRC or other PRC governmental authorities for any future listing or other financing activities.”

Update on Cybersecurity Review and Rectification

On July 2, 2021, the Cybersecurity Review Office posted an announcement that we were subject to a cybersecurity review and that it required us to suspend new user registration in China during the review. On July 4 and July 9, 2021, the CAC posted announcements to state that 26 apps that we operate in China violated relevant PRC laws and regulations in collecting personal information. Pursuant to the PRC Cybersecurity Law, relevant app stores were notified to take down these apps in China. On January 16, 2023, as approved by the Cybersecurity Review Office, we have resumed DiDi Chuxing’s registration of new users.

In the past year, we fully cooperated with the PRC government authorities on the cybersecurity review and rectification measures. We conducted a series of rectification measures under the supervision of the PRC regulatory authorities, including: (i) further improving internal management mechanisms and procedures for cybersecurity, data security and personal data and privacy protection, (ii) clearly disclosing the rules on personal information collection to users, including the purposes, means and scopes of collection and use of personal information, and (iii) conducting self-examination and self-rectification to review the authorization, collection and scope of user data, to conduct necessary cleanups in accordance with laws and regulations in a compliant manner, and to ensure that users’ personal information and data are processed in a legal and compliant manner. In addition, we have formulated an internal management mechanism for data security and storage, algorithm transparency and users’ right of free choice, so as to enhance employees’ attention to and awareness of these matters. Meanwhile, we have organized and conducted education and training programs for employees regarding such matters as information network security, data security and storage, and user personal information protection, and strengthened employees’ awareness of legal compliance with respect to information network security and application.

However, there are uncertainties with respect to whether we will become subject to any new cybersecurity review in the future and if we are unable to complete such new review and the relevant rectification, the growth and usage of our platform in China may decline, which could materially and adversely affect our business, financial condition, results of operations and prospects.

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Cash and Asset Flows through Our Organization

DiDi Global Inc. is a holding company with no operations of its own. We conduct our operations in China primarily through our subsidiaries and the VIEs and their subsidiaries in China. As a result, although other means are available for us to obtain financing at the holding company level, DiDi Global Inc.’s ability to pay dividends to its shareholders and to service any debt it may incur may depend upon dividends paid by our PRC subsidiaries and on license and service fees paid by the VIEs in China. If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing such debt may restrict its ability to pay dividends to DiDi Global Inc. In addition, our PRC subsidiaries are permitted to pay dividends to DiDi Global Inc. only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Further, our PRC subsidiaries and the VIEs are required to make appropriations to certain statutory reserve funds or may make appropriations to certain discretionary funds, which are not distributable as cash dividends except in the event of a solvent liquidation of the companies. For more details, see “Item 5. Operating And Financial Review and Prospects—B. Liquidity and Capital Resources—Holding Company Structure.”

Under PRC laws and regulations, our PRC subsidiaries and the VIEs are subject to certain restrictions with respect to paying dividends or otherwise transferring any of their net assets to us. Cash transfers from our PRC subsidiaries to entities outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may temporarily delay the ability of our PRC subsidiaries and the VIEs to remit sufficient foreign currency to pay dividends or make other payments to us, or otherwise satisfy their foreign currency denominated obligations. Remittance of dividends by a wholly foreign-owned enterprise out of China is also subject to examination by the banks designated by the State Administration of Foreign Exchange, or SAFE. There is no assurance the PRC government will not impose restrictions or limitations on us, our subsidiaries and the VIEs with respect to the transfer of cash or assets out of the PRC. To the extent cash or assets in our business are held in the PRC or by a PRC entity, the funds or assets may not be available to fund operations or for other use outside of the PRC due to regulatory restrictions. As of the date of this annual report, there is no equivalent or similar restriction or limitation in Hong Kong on cash transfers to or from our Hong Kong entities. However, if limitations were to become applicable to cash transfers to or from Hong Kong entities in the future, the funds in our Hong Kong entities may not be available to fund operations or for other use outside of Hong Kong. For risks relating to the fund flows of our operations in China, see “Introduction—Summary of Risk Factors” and “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business.”

Under PRC law, DiDi Global Inc. may provide funding to its PRC subsidiaries only through capital contributions or loans, and to the VIEs only through loans, subject to satisfaction of government registration and approval requirements. We have comprehensive cash management policies in place with respect to transfers of funds through our organization. Our management regularly monitors the liquidity position and funding requirements of our subsidiaries and the VIEs. When funding is required by our subsidiaries or the VIEs, a thorough assessment is performed on the purpose, amount and form of the funding, either through capital contributions or loans. All necessary internal approvals must be obtained prior to any transfer of funds through our organization. All such transfers are reviewed and approved by the relevant authorities where required, including SAFE. Our cash management policies also govern the management of any funds that are not in the process of being transferred. Such funds are retained by DiDi Global Inc. or its subsidiaries outside of China mainly in the form of cash and cash equivalents and highly-liquid short-term investments. For the years ended December 31, 2020, 2021 and 2022, DiDi Global Inc. had provided loans of RMB14.6 billion, RMB65.8 billion and RMB6.6 billion (US$1.0 billion), respectively, to its subsidiaries, and collected loans of RMB24.7 billion, RMB41.2 billion and RMB14.7 billion (US$2.1 billion), respectively, from its subsidiaries. For the years ended December 31, 2020, 2021 and 2022, DiDi Global Inc. provided capital contributions of RMB9.8 billion, RMB4.5 billion and RMB91 million (US$13 million), respectively, to its subsidiaries. For more information relating to fund flows through our organization, see cash flow information disclosed in “Item 3. Key Information—Financial Information Related to the VIEs.” and “Item 8. Financial Information—A. Consolidated Statements and Other Financial Information.”

DiDi Global Inc.’s source of funds to pay dividends partly comes from dividends paid by its PRC subsidiaries, which in part depends on payments received from the VIEs under the contractual arrangements with the VIEs. We have never declared or paid any dividend on our ordinary shares and we do not currently intend to pay dividends to shareholders or holders of ADSs. We currently intend to retain most, if not all, of our available funds and any future earnings to fund the development and growth of our business. The undistributed earnings that are subject to dividend tax are expected to be indefinitely reinvested for the foreseeable future. See “Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Dividend Policy.” For PRC and United States federal income tax considerations of an investment in our ADSs, see “Item 10. Additional Information—E. Taxation.”

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Under the current laws of the Cayman Islands, DiDi Global Inc. is not subject to tax on income or capital gains. Upon payments of dividends to our shareholders, no Cayman Islands withholding tax will be imposed. For purposes of illustration, the following discussion reflects the hypothetical taxes that might be required to be paid within mainland China, assuming that: (i) we have taxable earnings, and (ii) we determine to pay a dividend in the future:

    

Tax calculation (1)

 

Hypothetical pre-tax earnings(2)

 

100

%

Tax on earnings at statutory rate of 25%(3)

 

(25)

%

Net earnings available for distribution

 

75

%

Withholding tax at standard rate of 10%(4)

 

(7.5)

%

Net distribution to Parent/Shareholders

 

67.5

%

Notes:

(1)For purposes of this example, the tax calculation has been simplified. The hypothetical book pre-tax earnings amount is assumed to equal taxable income in China.
(2)Under the terms of the VIE agreements, our PRC subsidiaries may charge the VIEs for services provided to VIEs. These service fees shall be recognized as expenses of the VIEs, with a corresponding amount as service income by our PRC subsidiaries and eliminate in consolidation. For income tax purposes, our PRC subsidiaries and the VIEs file income tax returns on a separate company basis. The service fees paid are recognized as a tax deduction by the VIEs and as income by our PRC subsidiaries and are tax neutral.
(3)One of our subsidiaries is entitled to a favorable statutory tax rate of 15%, which will expire in 2025, because of its qualification as a High and New Technology Enterprise. However, such rate subject to qualification is temporary in nature, and may not be available in a future period when distributions are paid. For purposes of this hypothetical example, the table above reflects a maximum tax scenario under which the full statutory rate would be effective.
(4)The PRC Enterprise Income Tax Law imposes a withholding income tax of 10% on dividends distributed by a foreign invested enterprise to its immediate holding company outside of China. A lower withholding income tax rate of 5% is applied if the foreign invested enterprise’s immediate holding company is registered in Hong Kong or other jurisdictions that have a tax treaty arrangement with China, subject to a qualification review at the time of the distribution. For purposes of this hypothetical example, the table above assumes a maximum tax scenario under which the full withholding tax would be applied.

The table above has been prepared under the assumption that all profits of the VIEs will be distributed as fees to our PRC subsidiaries under tax neutral contractual arrangements. If, in the future, the accumulated earnings of the VIEs exceed the service fees paid to our PRC subsidiaries (or if the current and contemplated fee structure between the intercompany entities is determined to be non-substantive and disallowed by Chinese tax authorities), the VIEs could make a non-deductible transfer to our PRC subsidiaries for the amounts of the stranded cash in the VIEs. This would result in such transfer being non-deductible expenses for the VIEs but still taxable income for the PRC subsidiaries. Such a transfer and the related tax burdens would reduce our after-tax income to approximately 50.6% of the pre-tax income. Our management believes that there is only a remote possibility that this scenario would happen.

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Table of Contents

Financial Information Related to the VIEs

The following tables present the condensed consolidating schedule of financial information of DiDi Global Inc., its wholly owned subsidiaries that are considered the primary beneficiaries of the VIEs, its other subsidiaries, and the VIEs and their subsidiaries as of the dates presented.

Selected Condensed Consolidated Statements of Operations and Comprehensive Income Information

    

    For the Year Ended December 31, 2022

DiDi

Primary

VIEs and

Global

Other

Beneficiaries

VIEs’

Eliminating

Consolidated

    

Inc.

    

Subsidiaries

    

of VIEs

    

Subsidiaries

    

adjustments

    

 totals

(RMB in millions)

Inter-company revenues (1)

 

1,022

 

16,696

 

1,495

 

(19,213)

 

Third-party revenues

 

9,149

 

900

 

130,743

 

 

140,792

Total revenues

 

10,171

 

17,596

 

132,238

 

(19,213)

 

140,792

Inter-company costs and expenses (1)

 

(684)

 

(2,152)

 

(16,377)

 

19,213

 

Third-party costs and expenses

(8,276)

 

(15,397)

 

(18,172)

 

(116,771)

 

 

(158,616)

Total costs and expenses

(8,276)

 

(16,081)

 

(20,324)

 

(133,148)

 

19,213

 

(158,616)

Loss from operations

(8,276)

 

(5,910)

 

(2,728)

 

(910)

 

 

(17,824)

Income (loss) from non-operations

374

 

(7,145)

 

118

 

698

 

 

(5,955)

Share of loss of subsidiaries and VIEs (2)

(15,882)

 

(2,952)

 

(297)

 

 

19,131

 

Loss before income tax expenses

(23,784)

 

(16,007)

 

(2,907)

 

(212)

 

19,131

 

(23,779)

Income tax benefits (expenses)

 

126

 

(45)

 

(85)

 

 

(4)

Net loss

(23,784)

 

(15,881)

 

(2,952)

 

(297)

 

19,131

 

(23,783)

Less: Net income attributable to non-controlling interest shareholders

 

1

 

 

 

 

1

Net loss attributable to DiDi Global Inc

(23,784)

 

(15,882)

 

(2,952)

 

(297)

 

19,131

 

(23,784)

    

    For the Year Ended December 31, 2021

DiDi

Primary

VIEs and

    

Global

Other

Beneficiaries

VIEs’

Eliminating

Consolidated

Inc.

    

Subsidiaries

    

of VIEs

    

Subsidiaries

    

adjustments

    

 totals

(RMB in millions)

Inter-company revenues (1)

 

887

 

15,452

 

1,708

 

(18,047)

 

Third-party revenues

 

6,593

 

631

 

166,603

 

 

173,827

Total revenues

 

7,480

 

16,083

 

168,311

 

(18,047)

 

173,827

Inter-company costs and expenses (1)

 

(600)

 

(2,126)

 

(15,321)

 

18,047

 

Third-party costs and expenses

(95)

 

(45,866)

 

(18,021)

 

(158,287)

 

 

(222,269)

Total costs and expenses

(95)

 

(46,466)

 

(20,147)

 

(173,608)

 

18,047

 

(222,269)

Loss from operations

(95)

 

(38,986)

 

(4,064)

 

(5,297)

 

 

(48,442)

Income (loss) from non-operations

406

 

(824)

 

51

 

(359)

 

 

(726)

Share of loss of subsidiaries and VIEs (2)

(49,654)

 

(9,979)

 

(5,958)

 

 

65,591

 

Loss before income tax expenses

(49,343)

 

(49,789)

 

(9,971)

 

(5,656)

 

65,591

 

(49,168)

Income tax benefits (expenses)

 

144

 

(8)

 

(302)

 

 

(166)

Net loss

(49,343)

 

(49,645)

 

(9,979)

 

(5,958)

 

65,591

 

(49,334)

Less: Net income attributable to non-controlling interest shareholders

 

9

 

 

 

 

9

Net loss attributable to DiDi Global Inc

(49,343)

 

(49,654)

 

(9,979)

 

(5,958)

 

65,591

 

(49,343)

    

    For the Year Ended December 31, 2020

DiDi

Primary

VIEs and

Global

Other

Beneficiaries

VIEs’

Eliminating

Consolidated

    

Inc.

    

Subsidiaries

    

of VIEs

    

Subsidiaries

    

adjustments

    

 totals

(RMB in millions)

Inter-company revenues (1)

 

776

 

13,135

 

1,068

 

(14,979)

 

Third-party revenues

 

4,911

 

7

 

136,818

 

 

141,736

Total revenues

 

5,687

 

13,142

 

137,886

 

(14,979)

 

141,736

Inter-company costs and expenses (1)

(273)

(1,810)

(12,896)

14,979

Third-party costs and expenses

(19)

(15,037)

(13,350)

(127,118)

(155,524)

Total costs and expenses

(19)

 

(15,310)

 

(15,160)

 

(140,014)

 

14,979

 

(155,524)

Loss from operations

(19)

(9,623)

(2,018)

(2,128)

(13,788)

Income from non-operations

54

 

1,147

 

24

 

1,652

 

 

2,877

Share of loss of subsidiaries and VIEs (2)

(10,549)

 

(2,537)

 

(543)

 

 

13,629

 

Loss before income tax expenses

(10,514)

 

(11,013)

 

(2,537)

 

(476)

 

13,629

 

(10,911)

Income tax benefits (expenses)

 

370

 

 

(67)

 

 

303

Net loss

(10,514)

 

(10,643)

 

(2,537)

 

(543)

 

13,629

 

(10,608)

Less: Net loss attributable to non-controlling interest shareholders

 

(94)

 

 

 

 

(94)

Net loss attributable to DiDi Global Inc.

(10,514)

 

(10,549)

 

(2,537)

 

(543)

 

13,629

 

(10,514)

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Table of Contents

Selected Condensed Consolidated Balance Sheet Information

    

As of December 31, 2022

DiDi

Primary

VIEs and

Global

Other

Beneficiaries

VIEs’

Eliminating

Consolidated

Inc.

    

Subsidiaries

    

of VIEs

    

Subsidiaries

    

adjustments

    

totals

(RMB in millions)

ASSETS

  

  

  

  

  

  

Cash and cash equivalents

325

13,868

1,103

5,559

20,855

Restricted cash

 

72

 

10

 

739

 

 

821

Short-term investments

 

13,059

 

1,578

 

2,911

 

 

17,548

Accounts and notes receivable, net

 

736

 

163

 

1,353

 

 

2,252

Loans receivable, net

 

3,266

 

 

2,073

 

 

5,339

Amounts due from group companies (2)

99,291

 

35,704

 

8,656

 

29,306

 

(172,957)

 

Investment securities and other investments

202

 

15,592

 

 

2,216

 

 

18,010

Long-term investments, net

 

1,509

 

 

3,225

 

 

4,734

Property and equipment, net

 

3,629

 

1,815

 

274

 

 

5,718

Intangible assets, net

982

280

462

1,724

Goodwill

 

46,378

 

 

 

 

46,378

Other assets

31

4,008

2,519

1,276

7,834

Total assets

99,849

138,803

16,124

49,394

(172,957)

131,213

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT)

Short-term borrowings

 

2,022

 

2,718

 

200

 

 

4,940

Accounts and notes payable

 

166

 

31

 

2,673

 

 

2,870

Amounts due to group companies (2)

4,139

 

161,720

 

22,534

 

63,722

 

(252,115)

 

Operating lease liabilities

 

326

 

658

 

274

 

 

1,258

Long-term borrowings

 

150

 

 

 

 

150

Other liabilities

435

 

4,029

 

3,373

 

4,734

 

 

12,571

Total liabilities

4,574

168,413

29,314

71,603

(252,115)

21,789

Mezzanine equity

 

24,885

 

 

 

(10,805)

 

14,080

Total DiDi Global Inc. shareholders’ equity (deficit)

95,275

 

(54,564)

 

(13,190)

 

(22,209)

 

89,963

 

95,275

Non-controlling interests

 

69

 

 

 

 

69

Total shareholders’ equity (deficit)

95,275

 

(54,495)

 

(13,190)

 

(22,209)

 

89,963

 

95,344

Total liabilities, mezzanine equity and shareholders’ equity (deficit)

99,849

 

138,803

 

16,124

 

49,394

 

(172,957)

 

131,213

14

Table of Contents

As of December 31, 2021

DiDi

Primary

VIEs and

Global

Other

Beneficiaries

VIEs’

Eliminating

Consolidated

    

Inc.

    

Subsidiaries

    

of VIEs

    

Subsidiaries

    

adjustments

    

totals

(RMB in millions)

ASSETS

  

  

  

  

  

  

Cash and cash equivalents

440

21,897

2,594

18,499

43,430

Restricted cash

 

433

 

10

 

108

 

 

551

Short-term investments

 

10,621

 

1,959

 

764

 

 

13,344

Accounts and notes receivable, net

 

1,081

 

128

 

1,622

 

 

2,831

Loans receivable, net

 

3,218

 

 

1,426

 

 

4,644

Amounts due from group companies (2)

117,488

 

35,708

 

4,616

 

20,730

 

(178,542)

 

Investment securities and other investments

385

 

13,540

 

 

4,709

 

 

18,634

Long-term investments, net

 

1,551

 

 

3,064

 

 

4,615

Property and equipment, net

 

5,760

 

1,890

 

350

 

 

8,000

Intangible assets, net

 

2,393

 

378

 

515

 

 

3,286

Goodwill

46,378

46,378

Other assets

50

3,708

2,197

1,330

7,285

Total assets

118,363

 

146,288

 

13,772

 

53,117

 

(178,542)

 

152,998

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

Short-term borrowings

 

2,508

 

3,505

 

825

 

 

6,838

Accounts and notes payable

 

910

 

9

 

3,706

 

 

4,625

Amounts due to group companies (2)

5,978

 

145,794

 

17,975

 

58,676

 

(228,423)

 

Operating lease liabilities

 

139

 

795

 

238

 

 

1,172

Long-term borrowings

 

1,359

 

322

 

 

 

1,681

Other liabilities

338

 

2,698

 

4,105

 

6,094

 

 

13,235

Total liabilities

 

6,316

 

153,408

 

26,711

 

69,539

 

(228,423)

 

27,551

Mezzanine equity

 

 

23,825

 

 

 

(10,498)

 

13,327

Total DiDi Global Inc. shareholders’ equity (deficit)

 

112,047

 

(31,018)

 

(12,939)

 

(16,422)

 

60,379

 

112,047

Non-controlling interests

 

 

73

 

 

 

 

73

Total shareholders’ equity (deficit)

 

112,047

 

(30,945)

 

(12,939)

 

(16,422)

 

60,379

 

112,120

Total liabilities, mezzanine equity and shareholders’ equity (deficit)

 

118,363

 

146,288

 

13,772

 

53,117

 

(178,542)

 

152,998

Selected Condensed Consolidated Cash Flow Information

For the Year Ended December 31, 2022

    

DiDi

Primary

VIEs and

Global

Other

Beneficiaries

VIEs’

Eliminating

Consolidated

Inc.

    

Subsidiaries

    

of VIEs

    

Subsidiaries

    

adjustments

    

totals

(RMB in millions)

Net cash provided by (used in) inter-company transactions (3)

(8,026)

(871)

16,467

(7,570)

Net cash provided by (used in) operating activities with external parties

(190)

1,642

(23,204)

12,198

(9,554)

Net cash provided by (used in) operating activities

(8,216)

 

771

 

(6,737)

 

4,628

 

 

(9,554)

Capital contribution to subsidiaries

(91)

(386)

477

Loan to group companies

(6,568)

(7,848)

14,416

Loan repayments from group companies

14,704

17,812

(32,516)

Net cash provided by (used in) investing activities with external parties

(10,751)

161

(438)

(11,028)

Net cash provided by (used in) investing activities

8,045

(1,173)

161

(438)

(17,623)

(11,028)

Capital injection from shareholders

91

386

(477)

Loan from group companies

6,568

5,898

1,950

(14,416)

Loan repayments to group companies

(14,704)

(17,812)

32,516

Net cash provided by (used in) financing activities with external parties

25

(1,774)

(1,159)

(637)

(3,545)

Net cash provided by (used in) financing activities

25

(9,819)

5,125

(16,499)

17,623

(3,545)

15

Table of Contents

    

For the Year Ended December 31, 2021

DiDi

Primary

VIEs and

Global

Other

Beneficiaries

VIEs’

Eliminating

Consolidated

    

Inc.

    

Subsidiaries

    

of VIEs

    

Subsidiaries

    

adjustments

    

totals

(RMB in millions)

Net cash provided by (used in) inter-company transactions (3)

92

1,120

(1,212)

Net cash provided by (used in) operating activities with external parties

(56)

(885)

(15,316)

2,843

(13,414)

Net cash provided by (used in) operating activities

(56)

 

(793)

 

(14,196)

 

1,631

 

 

(13,414)

Capital contribution to subsidiaries

(4,536)

(21,646)

26,182

Loan to group companies

(65,832)

(9,923)

(999)

76,754

Loan repayments from group companies

41,242

8,750

(49,992)

Other investing activities with group companies

(75)

75

Net cash provided by (used in) investing activities with external parties

1,144

(1,040)

(1,648)

2,689

1,145

Net cash provided by (used in) investing activities

(27,982)

(23,934)

(2,572)

2,689

52,944

1,145

Capital injection from shareholders

4,536

21,646

(26,182)

Loan from group companies

65,832

10,922

(76,754)

Loan repayments to group companies

(41,242)

(5,750)

(3,000)

49,992

Net cash provided by (used in) financing activities with external parties

27,827

8,264

2,516

(3,416)

35,191

Net cash provided by (used in) financing activities

27,827

37,390

18,412

4,506

(52,944)

35,191

    

For the Year Ended December 31, 2020

DiDi

Primary

VIEs and

Global

Other

Beneficiaries

VIEs’

Eliminating

Consolidated

Inc.

    

Subsidiaries

    

of VIEs

    

Subsidiaries

    

adjustments

    

totals

(RMB in millions)

Net cash provided by (used in) inter-company transactions (3)

1,362

11,951

(13,313)

Net cash provided by (used in) operating activities with external parties

224

(2,429)

(10,629)

13,972

1,138

Net cash provided by (used in) operating activities

224

 

(1,067)

 

1,322

 

659

 

 

1,138

Capital contribution to subsidiaries

(9,765)

(1,458)

11,223

Loan to group companies

(14,587)

(1,003)

15,590

Loan repayments from group companies

24,725

1,000

(25,725)

Other investing activities with group companies

(2,598)